According to the company, the development project is spread over 6 acres with total development target of 4.50 lakhs sq. ft., which will be completed over 24 months period starting May 2018.
“The land is located in Nagpur’s posh area at old Kamptee road (Urban Zone) and the project will be eligible for PMAY (Government of India – Affordable Housing Scheme). An FSI of 2.5x is earmarked for these projects,” the company said in a statement.
It further said that Mohota Industries through its SPV will contribute land only for this project and the JV partner will contribute towards development, marketing, administrative and selling expenditure.
“Mohota would yield 40% of the total saleable value. The project value is estimated at Rs 160 crore at current market value. The proceeds will be transferred from SPV to the balance sheet post completion of the project,” the statement added.
Shares of Mohota Industries were trading at Rs 414.10, up 2.05% from the previous closing of Rs 405.80, on BSE at 11.56 am today.